Anthropic seeks to make history on the Stock Exchange in the midst of AI euphoria

Anthropic accelerates preparations for IPO as AI excitement surges. The AI startup, OpenAI's main rival, has begun meetings to gauge investor interest in a potential public offering (OPV) of its shares. Anthropic aims to capitalize on the current investor enthusiasm for AI and move ahead of its competitor, which is also considering a Wall Street debut but may delay its IPO until 2027.

Founded in 2021 by the Amodei brothers, who previously worked at OpenAI, Anthropic's rapid rise illustrates the fast-growing landscape of generative AI labs. After years of operating privately, these companies are now poised for a new era as publicly traded companies. Anthropic submitted its confidential prospectus to the U.S. Securities and Exchange Commission (SEC) in June, though the exact IPO date remains unclear.

Analysts believe it could happen by the end of this month or early October, requiring the filing of the prospectus in the second week of September. Investors hope for a valuation that could reach $2 trillion, surpassing SpaceX's record $1.77 trillion OPV in June. The AI leaders' feverish demand for significant capital injections to maintain their technological edge is driving these valuations.

Anthropic's goal of $2 trillion represents a doubling of the $65 billion the company raised in May, when it attracted $65 billion. Private investors' interest has been evident, with Anthropic raising around $95 billion over the past year. The company could surpass SpaceX's $85.7 billion OPV, with investors eyeing up to $100 billion.

Annualized revenue, an indicator estimating annual earnings based on recent performance, surpassed $65 billion at the end of July, up from $47 billion in May. Investors remain confident that metrics could reach between $100 billion and $120 billion by year-end. Anthropic's technology company remains optimistic, projecting revenues of $190 billion to $200 billion by 2028, according to Reuters.

Current Anthropic shareholders argue that this outlook justifies the company's high valuation in its IPO. According to Pitchbook analysts, the young firm has enjoyed the fastest commercial launch in software history, projecting revenue projections of just $1 billion by the end of 2024. In real business terms, Anthropic reported $11.5 billion in operating income for the second quarter, a 14-fold increase from the same period a year earlier, according to Bloomberg.

Pitchbook estimates the company is close to achieving a 44% gross margin. The founders believe this growth will allow the artificial intelligence startup to increase earnings at a faster rate than operating costs, broadening its profit margins. Anthropic's success can be attributed to its focus on enterprise AI tools, with Claude Code being a key product for automating code development.

However, its competitor is intensifying competition in this area with Codex, which has reached 20 million weekly active users, according to ARK Invest. The Amodei brothers left OpenAI to found Anthropic in 2021. Challenges include increased competition from rivals besides OpenAI and Google, as well as the need to compete with cheaper models from Chinese companies targeting cost-cutting in AI.

The company also faces regulatory pressures and friction with the U.S. government, as seen in June when Trump's administration imposed export restrictions on Anthropic's Fable model, forcing the company to temporarily suspend access. Recently, a California court ruled that the Defense Department's attempt to designate Anthropic as a supply chain risk constitutes illegal retaliation.

Additionally, Anthropic must secure computing capacity as demand outpaces supply. In recent weeks, the company secured contracts worth $80 billion in combined value.